OXY vs WTI: Correlation
How closely do Occidental Petroleum (OXY) and W&T Offshore, Inc. (WTI) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and WTI?
Across a 3-year window, the weekly returns of OXY and WTI correlate at 0.70, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 1388.3 %².
By 3-year correlation, WTI places #19 of the 38 assets tracked against OXY. The last year tells two different stories: WTI led by 76.0 percentage points, +28.9% for OXY against +104.9% for WTI. Risk is not evenly split, since WTI carries 2.1 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
OXY vs WTI: side by side
| OXY (Occidental Petroleum) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | +28.9% | +104.9% |
| 5-year return | +150.8% | +18.8% |
| Volatility (ann.) | 30.6% | 64.6% |
| Beta vs S&P 500 | 0.13 | 0.24 |
| Max drawdown (3Y) | -46.9% | -74.3% |
| Market cap | $59.1B | $0.6B |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 1.71% | 1.12% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | OXY | WTI |
|---|---|---|
| 2022 | +119.1% | +72.8% |
| 2023 | -4.1% | -41.4% |
| 2024 | -15.9% | -48.2% |
| 2025 | -14.9% | +0.6% |
| 2026 | +45.2% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and WTI good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OXY and WTI?
As of 2026-08-27, the correlation of weekly returns between OXY and WTI is 0.70 over 3 years, 0.67 over 1 year and 0.67 over 5 years.
Is WTI a good diversifier for OXY?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OXY correlations · WTI correlations
